It Is Private, Not Public Finances that Are Out of Whack

Richard C. Koo

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It Is Private, Not Public Finances that Are Out of Whack

机译：完全是私人的，而不是公共财政

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When the private sector as a whole is forced into debt minimization following the bursting of a debt-financed bubble, the money multiplier turns negative at the margin and government borrowing and spending become essential in maintaining both the GDP and money supply. With unborrowed private savings languishing in the financial system, the market also encourages government borrowing in the form of low bond yields which is a natural corrective mechanism of an economy suffering from balance sheet recession. In the eurozone, this corrective mechanism fails because of the ease of capital flight between government bond markets within the currency zone.

机译：在债务融资泡沫破裂后，当整个私营部门被迫将债务减至最少时，货币乘数在边际上变为负数，政府的借贷和支出对于维持GDP和货币供应量至关重要。由于未借用的私人储蓄在金融体系中萎靡不振，市场也以低债券收益率的形式鼓励政府借款，这是遭受资产负债表衰退的经济的自然纠正机制。在欧元区，由于货币区内政府债券市场之间的资本外逃变得容易，这种纠正机制失败了。

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来源
《German economic review》 |2014年第1期|166-190|共25页
作者
Richard C. Koo;
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作者单位

Nomura Research Institute, Marunouchi Kitaguchi Building 1-6-5 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan;

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原文格式 PDF
正文语种 eng
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关键词
Balance sheet recession; macroeconomic policy; debt Minimization; deleveraging; unborrowed savings; negative money multiplier; forward guidance on fiscal policy; eurozone crisis;

机译：资产负债表衰退;宏观经济政策;债务最小化;去杠杆未借入的储蓄;负货币乘数;关于财政政策的前瞻指导;欧元区危机;

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It Is Private, Not Public Finances that Are Out of Whack

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